Question

(Externalities) Complete each of the following sentences: a. Resources for which periodic use can be continued indefinitely are known as ____________ resources. b. Resources that are available only in a fixed amount are ____________ resources. c. The possibility that an open-access resource is used until the net marginal value of additional use equals zero is known as the ____________.

Answer 1

Answer:

a. Renewable resources

b. Exhaustible resources

c. Common pool resources

Explanation:

a. Resources for which periodic use can be continued indefinitely are known as renewable resources. These refer to resources which can be reproduced and available over a period of time

b. Resources that are available only in a fixed amount are exhaustible resources. These refer to resources which are available at fixed quantity.

c. The possibility that an open-access resource is used until the net marginal value of additional use equals zero is known as the Common pool resources. These refer to renewable resources which can be accessible by everyone.